Top Tips for a Money Smart Holiday
Follow these top tips to help you keep holiday expenses under control and avoid the holiday debt trap.
The holiday season is upon us, and holiday festivity too often can lead to holiday expenses and even holiday debt. But having a money smart holiday and staying out of the holiday debt trap doesn't mean being a Scrooge. Here are some tips to keep the financial Ghosts of Holidays Past in check:
Set a budget for holiday expenses.
Decide how much you want to spend in total and how much you want to spend for each person. Don't forget about those "other" holiday expenses, like gift wrap for gifts and postage for cards. Make a budget and resolve to stick to it!
Plan ahead.
One way to make holiday expenses easier to handle is to save for them during the rest of the year. One way to do this is to open a special savings account and have a certain amount, such as $50 or $100 a month automatically deposited into it. It's also a good idea to get a head start on gifts for next year by taking advantage of after Christmas sales. A little financial planning now can pay off in the long run.
Consider ways to make extra holiday cash.
Your favorite store may be hiring extra help for the holidays. You can both earn extra holiday money and take an advantage of employee discounts, too. You can also make extra holiday cash by babysitting and wrapping gifts for busy people or even offering your snow-shoveling services.
Be creative.
Some of the most memorable gifts are the gifts you make yourself. The most heartfelt and appreciated gift isn't necessarily an expensive one, but one that shows you care about the person receiving it.
Travel smart.
To save on holiday travel, book and compare deals. You may also consider traveling just before or after the holiday season. Not only may travel be less expensive, but roads and airports are less likely to be crowded.
Borrow smart.
If you're making a special holiday purchase, like a vacation or engagement ring, think before you say "Charge it." Depending on your situation, a personal loan may be a better choice. Visit our Personal Loan page to find out more about our personal loans.
Think about a debt consolidation loan to manage holiday debt.
If you've still got holiday debt from last year that's hard to manage, now may be the time to make a fresh start with a debt consolidation loan. Visit our Debt Consolidation page to learn more about debt consolidation.
The best things in life…aren't things.
Your friends and family aren't as interested in your presents as they are with your presence. Amid all of the holiday rush, it's important to keep things in perspective and focus on the things that really matter.
Related Articles:
Personal Loans: A Smarter Way to Borrow for Special Holiday Purchases
These are general recommendations not applicable to all financial situations. Every financial situation is unique. Further, the suggestions and recommendations contained within the content provided are not an assurance of any future result. Be sure to discuss your specific financial circumstances with a legal or financial expert before you take action. Contact us for more information
